WILKES-BARRE, Pa., March 23 — BabyAge.com, Inc. (“BabyAge”), An existing Brook Venture Fund II Portfolio Company, and the nation’s premier online retailer of infant, toddler and juvenile products, announced that it has raised approximately $15MM (fifteen million dollars) to recapitalize the company in support of its aggressive growth plans. Alumni Capital Network (“ACN”) led the investment and Brook Venture Partners (“BVP”) participated in the financing.
“I am phenomenally excited,” said Jack Kiefer, BabyAge’s founder and Chief Executive Officer. “We’ve had tremendous success in dramatically building this company with limited capital over the last eleven years. The ACN investment provides us the financial latitude to go out and execute on growth plans that will solidify our position as the best online provider in the infant and juvenile space.” Jack went on to add, “This is especially satisfying because of the positive effect it will have on our community. The growth of BabyAge continues to make us a significant component of the expanding business base in northeast Pennsylvania, provides employment and career opportunities throughout our current and planned operations, and allows us to continue to support the community.”
Reached at ACN’s New York City headquarters, Walter G. Nollmann, the newly installed Chairman of BabyAge’s Board of Directors, explained that, “We’re providing the financing that will unlock the penned-up potential of this outstanding company. We are confident our investment will help push BabyAge to the next level.”
“BabyAge experienced 134% revenue growth in the year we made our first investment in the Company,” added Edward (Ned) Williams III, Brook’s representative on the Board. “We see many opportunities to deploy capital in a profitable manner including investing in growing the company’s registry business, and using advanced marketing tools to capitalize on its tremendous database.”
As part of the recapitalization, a new Board of Directors has been established comprised of: Walter Nollman (Chairman), Denise Kelly, and Elliott Wahle from ACN, Ned Williams from BVP and Jack Kiefer from BabyAge.
ABOUT BABYAGE.COM, INC.
BabyAge.com Inc. is the premiere online retailer of pregnancy, infant and juvenile products. Born in 1999, the company is headquartered in a 50,000 square foot state of the art warehouse facility in Wilkes-Barre, Pennsylvania. Today, BabyAge.com provides an exceptional online shopping experience as the one-stop shopping source for parents and parents-to-be, stocking thousands of products available for immediate delivery.
For more information about BabyAge, please visit www.BabyAge.com.
ABOUT ALUMNI CAPITAL NETWORK
Alumni Capital Network is a New York-based private equity investment firm with resources located in many cities across the U.S. The firm was founded in 2006 by a group of former Accenture senior partners who had worked together for decades, and includes many former Accenture consulting colleagues and client executives among its ninety plus private investors.
The firm’s strategy is to invest knowledge capital along with financial capital in companies that offer the potential for significant value enhancement through strengthened operations and improved market positioning in combination with financial restructuring. Alumni Capital Network’s capabilities are differentiated by the deep industry, functional and technical skills of its more than fifty active investors, who collectively have more than a thousand years of consulting, operations and financial experience. The firm’s network of resources includes experts in: marketing, sales, customer service, supply chain, logistics, manufacturing, finance, human resources, and information technology. These functional skills are complemented by industry insights accumulated through decades of experience working for leading companies, within many major industry segments. Each of the firm’s managing directors has significant prior experience with private equity investments, including some who have been individual owners of companies.
For more information on Alumni Capital Network, visit the company’s web-site at www.AlumniCapitalNetwork.com.
ABOUT BROOK VENTURE PARTNERS
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I, Brook Venture Fund II and other co-investment funds to Information Technology and Medical Technology companies located in the Northeastern United States. The firm focuses on initial investments typically under $10 million and specializes in both financing and providing the strategic and planning support necessary to rapidly scale and accelerate sales and marketing activities. Brook is headquartered outside Boston in Wakefield, MA.
For more information, call 781-295-4000 or visit www.brookventure.com
SOURCE BabyAge.com, Inc.
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